Process Improvement

Project Management

Enterprise Architecture

Process Improvement Using Monte Carlo Technique

Monte Carlo simulation is a mathematical tool that assesses the likelihood of certain outcomes. By using problem-solving and risk assessment techniques, it approximates the risk of a particular result. This simulation uses a variety of data input and is ideal for most fields and industries. More importantly, Monte Carlo simulation provides you with insight into the most likely, least likely and an average outcome for your situation. When you have questions such as “Will this investment yield a high return?” or “How expensive with this project be?”, Monte Carlo can calculate approximate predictions.

Course Outline

Define a problem, conceptualize how to obtain a solution via simulation, analyze and visualize the simulation results

Perform sensitivity analysis to evaluate how key inputs will affect the results